Bitcoin up 70% in a month as BTC soars above $50K for the first time since May
BTC’s current price represents a 70 percent increase in just over a month when the crypto traded at $29,608.60 on July 21, 2021.
Mon, 23 Aug 2021, 07:57 am UTC
Bitcoin, the world’s largest crypto by market cap, continued to climb higher over the weekend setting a 3-month high. On Sunday, BTC soared above $50,000 for the first time since May.
On Monday, August 23, Bitcoin continued its rally and the crypto traded at $50,406.27 at the time of writing based on Coindesk data. BTC’s current price represents a 70 percent increase in just over a month when the crypto traded at $29,608.60 on July 21, 2021.
Aside from Bitcoin, other cryptos are also on the rise. For instance, Ether (ETH), the native crypto for the Ethereum blockchain, posted a 2.13 price increase in the past 24 hours and traded at 3,329.41 at the time of writing.
ETH posted a massive 182 percent price increase in just over a month. The crypto just traded at around $1,176.88 on July 21.
With the rebound in prices, the combined capitalization of the crypto market has soared to around $2.2 trillion, according to Cointelegraph. Meanwhile, the total capitalization of the crypto market during July’s bearish market dropped below $1.3 trillion.
CNBC pointed out two positive announcements that might have driven the prices of digital currencies upwards. One of these is Coinbase’s announcement last week that it plans to buy $500 million in crypto and to invest 10 percent of profits into a crypto portfolio. The other positive development is PayPal’s announcement that its crypto services in the U.K. to allow users to buy hold and sell digital currencies.
At its current price level, Bitcoin is still a bit off its all-time high set it mid-April when the crypto traded above $64,000. However, some experts believe that BTC will likely surpass this all-time high in the near future.
Nigel Green, CEO and founder of the deVere Group, said that Bitcoin will likely trade at around $65,000 by the end of 2021. Crypto trader and investor Scott Melker also predicted that the BTC and Ether (ETH) could reach new all-time highs by year-end.
“I believe that this correction is likely over and that we should see new all-time highs by the end of the year,” Melker said. “I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months. Or ethereum even pushing towards $10,000 in that time.”
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